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Subsea in November

December 1, 2015

Subsea_in_AugustSubsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month.

The first week of November was highlighted by the news about Fugro’s new round of layoffs, this time by some 500 employees. French seismic player CGG also announced major global downsizing by approximately 930 workers, as well as fleet reduction from 11 to 5 vessels. Meanwhile, some 70-80 workers at Soil Machine Dynamics might be faced with similar outcome, due to rejection of export licence for the company’s largest order in history.

Major player Subsea 7 made the news again last month by reporting a profit drop, however, the company also managed to score a long-term deal with Premier Oil. DOF Subsea has sold Skandi Inspector for an undisclosed sum and booked a NOK 312 million loss in the third quarter of 2015.

In addition to the sale of Skandi Inspector, news about other vessels have also drawn attention of our readers. Polar Onyx was returned to GC Rieber after Ceona went into administration, recently sold Viking II is scheduled to be redesigned into a hotel vessel for offshore wind staff and a long-expected subsea construction vessel Normand Maximus hit the water last month in Romania. Saipem has agreed to take the vessel on a long-term charter, arranged to start in the second quarter of 2016.

For the month of November, our 10 most-read articles were:

Fugro-to-Cut-500-More-Jobs
Fugro said it will lay off around 500 employees in the coming quarters as anticipates even more challenging times ahead. The company said it’s still early to determine which divisions and regions will be affected by this new headcount reduction.
DOF Subsea Plunges to Loss
DOF Subsea reported loss for the third quarter 2015 of NOK 312 million compared with NOK 91 million in profit for the corresponding period in 2014. The company’s operating revenue was NOK 1.9 billion in Q3 2015, compared to NOK 1.81 billion in Q3 2014.

                                                                            Fugro to Cut 500 More Jobs                                            DOF Subsea Plunges into Loss

Subsea 7, Premier Oil Ink Partnership Frame Agreement
Subsea 7 signed a long-term partnership frame agreement with Premier Oil to provide concept engineering, FEED, SURF project execution and Life of Field operations, on a preferred supplier basis. It also enables Subsea 7 access to Premier’s decom scopes.
SMD Jobs Hit By Sanctions Against Russia
Wallsend-based manufacturer of subsea vehicle systems, Soil Machine Dynamics (SMD), will cut 70 to 80 jobs across its business. SMD’s largest order in history has been suspended due to the rejection of an export license as a result of current sanctions against Russia.

                                                              Subsea 7, Premier Ink Frame Agreement                     SMD Jobs Hit by Sanctions Against Russia

CGG-Lays-Off-930-and-Slashes-Fleet-to-5-Vessels
French seismic contractor, CGG, will be reducing its global workforce by additional 930 positions, as part of its transformation plan, and downsized its marine 3D fleet from 11 to 5 vessels, the company said today during third-quarter earnings presentation.
GC Rieber Takes Over Polar Onyx; Secures Work Off Nigeria
Norway’s GC Rieber has taken over the subsea vessel ‘Polar Onyx’ after its charterer Ceona went into administration and failed to fulfill its obligation under the charter agreement. VLS tower and associated parts installed on the Polar Onyx now also belong to GC Rieber.

GC Rieber Takes Over Polar Onyx                             CGG Lays Off 930 and Reduces Fleet to 5

Lower Activity Levels Hit Subsea 7 Profit
Subsea 7 announced revenue for the third quarter 2015 of $1.2 billion, a decrease of $702 million compared to the prior year quarter. Net income was $145 million in the quarter, compared to $199 million in the third quarter of 2014.
OSCV Normand Maximus Launched
Solstad Offshore’s NB 830 offshore subsea construction vessel, Normand Maximus, was launched yesterday from Vard’s Romanian yard. The 178 meters long hull of the vessel, of VARD 3 19 design, was built at Vard Tulcea and Contsanca in Romania.

                                                            Subsea 7 Books Lower Profit                                    OSCV Normand Maximus Launched

DOF Subsea in Vesel Sale
DOF Subsea has struck a deal to sell the vessel Skandi Inspector to an undisclosed international buyer. The UT 705 design vessel was built in 1979 by Hatlo Verksted – Ulsteinvik, Norway as platform supply vessel only to be converted in 1999.
C-Bed
Dutch ship owner C-Bed has contracted Wärtsilä Ship Design to supply the design for rebuilding its Seismic Survey Vessel, the ‘Viking II’, for use as a hotel vessel. The rebuilt ship will be used to accommodate and transfer service personnel working on offshore wind farms.

                                                                     DOF Subsea in Vessel Sale                                  Seismic Vessel to Become Hotel for OWF Staff

Subsea World News Staff